I like the idea of sharing code in a community setting.  I do believe it should be moderated and inspected to see the code is quality versus quantity.  We should be able to search on this (like google) and check out http://www.koders.com/ and http://krugle.com/. 

MSDN released some code snippets that I hadn’t seen before.

The best community site I have seen is http://www.gotcodesnippets.com/.  Go in peace.  Just remember to give as much as you take.